Govt grants and incubators help startups succeed without large capital inputs: Hitesh Goswami
Nandita Vijay, Bengaluru
Friday, August 27, 2021, 08:00 Hrs [IST]
The initiatives of the Union government, like setting up of incubators and providing grants from the Department of Biotechnology, help start-ups in life sciences establish a base to create unique products without large capital investment, said Hitesh Goswami, co-founder & CEO, 4basecare.
Though startups/MSME registrations help some cost savings and access to credit, the more significant costs involved for import including duties/ taxes still need to be sorted since exemption to this is available primarily to not-for-profit research labs. However, we are optimistic that there will be incremental improvements made in the current government initiatives to continue to support the life science start-ups in India, he added.
Though some VC and PE firms are investing in various start-ups; not all understand the genomics market. The maturity levels of VCs in India are growing but those from from developed countries comprehend new-age research-based business models and return of investments. This could be one of the reasons for the fewer research-based product companies in India across sectors, Goswami told Pharmabiz….
Kindly fill the form below to download our Liquid Biopsy Portfolio brochure :